Industrial Flex Property with Redevelopment
22 N 3rd Ave Mount Vernon, NY 06380
22 N 3rd Ave, Mount Vernon, NY, 06380
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For Sale
Contact for pricing
Industrial flex building with about 18’ ceiling height and potential for ~60 residential units, subject to approvals.
Property Size10,000 SF
Price / SF$260
Days on Market93
Property Features for 22 N 3rd Ave
General Information
- Standard status
- Active
- Size
- 10,000 SF
- Property subtype
- Industrial
Listing agency
Houlihan Lawrence
Listed by
Mike Rackenberg · License #CT 10401251020
Source
Crexi
Added: Apr 20 Updated: Jul 20 at 5:40PM Checked: Jul 20 at 5:40PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Houlihan Lawrence
Investment Insights
Based on property information with market context.
22 N Third Avenue presents an approximately 10,000-square-foot industrial flex property in Mount Vernon. The existing building features 18’ ceiling heights and is currently configured for industrial use, with the additional possibility of future redevelopment planning.
A notable site advantage is that the property directly abuts a municipal parking garage, which may support both current operating needs and redevelopment feasibility, subject to applicable municipal approvals.
The property is also described as offering a potential residential redevelopment path of approximately 60 units, subject to zoning, approvals, and architectural planning. Interested buyers and development groups can evaluate how the existing ceiling heights and the shared adjacency to municipal parking may affect overall design and parking-related requirements as part of the entitlement process.
A notable site advantage is that the property directly abuts a municipal parking garage, which may support both current operating needs and redevelopment feasibility, subject to applicable municipal approvals.
The property is also described as offering a potential residential redevelopment path of approximately 60 units, subject to zoning, approvals, and architectural planning. Interested buyers and development groups can evaluate how the existing ceiling heights and the shared adjacency to municipal parking may affect overall design and parking-related requirements as part of the entitlement process.
Key Highlights
- +-10,000 SF industrial property in the heart of Mount Vernon.
- About 18' ceiling heights, which may provide flexibility for redevelopment design (subject to engineering and zoning).
- Potential to support an approximately 60‑unit residential development, subject to zoning and approvals.
Local Financial Insights For Flex RnD
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $264.0k | $26.40 |
| − Vacancy | −$31.7k | −$3.17 |
| EGI | $232.3k | $23.23 |
| − OpEx | −$81.3k | −$8.13 |
| NOI | $151.0k | $15.10 |
10,000 SF · lease $26.40/SF/yr · vacancy 12.00% · expense 35.00%
Alternative Uses
Best Use
Flex RnD
$2.16M
$1.89M – $2.52M
NOI $151,008 @ 7.0% cap · market cap 5.81%
Second Best
Industrial
$2.03M
$1.77M – $2.37M
NOI $141,977 @ 7.0% cap · market cap 5.46%
Theoretical Best
Retail
$3.02M
$2.64M – $3.52M
NOI $211,445 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Cardella Bakery Inc
Bakery
Similar For Sale Nearby
Similar Off Market Nearby
- Salsa Caterers — 209 Stevens Ave, Mt Vernon, NY 10550
- Dinner by Delaines — 348 Seneca Ave, Mt Vernon, NY 10553
- Bills good humor — 277 E 3rd St, Mt Vernon, NY 10553
- Ran & Gui’s kitchen — 98 E 1st St Corner, Mt Vernon, NY 10550
- Ms. Cherry's — 4710 White Plains Rd, Bronx, NY 10470
FAQs
What type of property is this?
Flex space - Industrial flex building with about 18’ ceiling height and potential for ~60 residential units, subject to approvals.
Where is this flex space located?
The property is located at 22 N 3rd Ave Mount Vernon, NY.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: +-10,000 SF industrial property in the heart of Mount Vernon.; About 18' ceiling heights, which may provide flexibility for redevelopment design (subject to engineering and zoning).; Potential to support an approximately 60‑unit residential development, subject to zoning and approvals.
